After dipping in the bailout well once already, to the tune of around $20B from the first round of TARP money, the automakers GM and Chrysler have been back for more to stay afloat, which has been denied by the Obama administration until more corporate restructing has taken place. As a consequence, the CEO of General Motors has resigned.
Today Obama reassured us that the auto industry would not "vanish," and there is no reason it should, if there are entrepreneurs who will buy the bankrupted factories and resume auto production more profitably.
Hopefully, what is being said today about the auto industry will be applied later to banks and their subsidiaries. I'm looking at you AIG and Citigroup.
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